Bonds

The Biden administration has announced it planned to spend $585 million to fix aging water systems in the West, more than half going to California. The funding announced Wednesday during an event at the Imperial Dam on the Colorado River in Yuma, Arizona, will go to 83 projects across 11 states. California will receive $308

Municipals were firmer Thursday in a relatively quiet trading session as investors waited to see how many nonfarm payroll jobs were added in March. U.S. Treasuries and equities were mixed. The two-year muni-Treasury ratio was at 60%, the three-year at 60%, the five-year at 62%, the 10-year at 64% and the 30-year at 90%, according

Moody’s Investors Service upgraded New Jersey’s issuer rating and general obligation bonds to A1 from A2 Thursday. The upgrade “incorporates a solid economic recovery, with job gains leading the region and driving employment above the state’s pre-pandemic peak,” Moody’s said. The rating agency said the upgrade is supported by the state’s commitment to full, actuarial

The U.S. Virgin Islands Senate postponed voting on a bill that would address the Water and Power Authority’s debt to its fuel supplier after raising concerns about the islands’ own financial obligations for it and a lack of advance notice of it. . The Senate on Wednesday postponed considering a bill for a letter of

A decision by the California State Treasurer’s Office to cover bond payments for a flood-damaged agriculture lab supports Fitch Ratings’ view that issuers “will repay abatement lease debt, even if they technically have the option not to do so,” according to the rating agency. The California State Public Works Board filed an event notice March

Muni yields continued to fall along with U.S. Treasuries Wednesday as weaker-than-expected private payrolls for March led to supportive bond prices and a market rally. Equities ended mixed. California priced its $2.6 billion general obligation deal for institutions with double-digit bumps from Tuesday’s retail offering. Municipal to UST ratios on the short end remain rich.

Municipals were firmer in secondary trading Tuesday following U.S. Treasuries after weaker jobs data sent signals of a slowing economy. Triple-A yields fell two to six basis points while USTs rallied up to 15 basis points on the short end following fewer-than-expected job openings data, according to Roberto Roffo, managing director and portfolio manager at

Tennessee will turn to tolls and public-private partnerships to meet the mounting costs of managing its roadways. Gov. Bill Lee’s Transportation Modernization Act cleared its last legislative hurdle Thursday as theGeneral Assembly approved his $3.3 billion package allowing for the use of P3s for highways for the first time in the state’s history. “Tennessee is

Municipals were firmer in spots to kick off the week, while U.S. Treasury yields fell and equities ended mixed. Triple-A yields fell one to four basis points Monday while USTs were stronger by up to 10 basis points to close the session. The two-year muni-Treasury ratio was at 60%, the three-year at 61%, the five-year

The Puerto Rico Oversight Board said Puerto Rico Electric Power Authority bondholders are making “unreasonable” demands in their discovery in the agency’s bankruptcy. “The bondholders’ approach to discovery in this case has been marked by unreasonable demands and timelines,” the board said through its attorney in a response filed late Friday in the bankruptcy. “The

Walt Disney Co. pushed through changes limiting the powers of the municipal authority that governs its Florida theme parks ahead of a controversial takeover by representatives of Gov. Ron DeSantis. The changes were quietly approved last month by the outgoing board of the Reedy Creek Improvement District, the entity that provides fire protection, electricity and

March municipal bond issuance dropped 30% year-over-year, as issuers this month dealt with Silicon Valley Bank collapse-induced volatility in the U.S. Treasury market, rising interest rates and an uncertain outcome for Federal Open Market Committee meeting. Total volume for the month was $31.795 billion in 515 issues, down from $45.555 billion in 985 issues a

Municipal bonds finished trading little changed Friday as the market rode out the end of the month and the first quarter on a calm note as Treasuries strengthened and stocks surged. While munis came into March like a lamb, they went out like a lioness, calm and proud. The two-year muni-Treasury ratio was at 58%,

New York State lawmakers look likely to miss the deadline to have a new budget in place before the start of the state’s fiscal year on April 1. Last year the budget was approved a week late. “The governor and Legislature are discussing many important issues as they work to finalize the state budget, but

Puerto Rico Electric Power Authority bondholders, the bond trustee, and bond insurers asked for certification of their appeal on bondholder liens but there are signals the judge isn’t inclined to grant it. On Friday morning District Court Judge Laura Taylor Swain not only rejected considering issues bondholders wanted treated separately, but she also set deadlines

New Jersey’s wind energy industry is under fire following somemarine mammal deaths that the industry’s opponents blame on the development of offshore platforms along the state’s coastline. On Thursday, protests in Trenton calling for a moratorium on offshore platform development were followed by an announcement by Republican U.S. Representative Van Drew, whose district includes Atlantic

Idaho lawmakers resurrected and reworked a property tax relief bill that Gov. Brad Little vetoed earlier this week, saying the original legislation put a transportation bond sale in jeopardy. Little vetoed House Bill 292 because it re-ordered the priority of statutory claims on sales taxes, putting property tax relief ahead of the state’s Transportation Expansion

Michigan’s fiscal 2022 tax surge will result in a $650 million income tax cut, but it will remain in place only for 2023, state officials announced Wednesday. All signs pointed to an income tax cut when state finance officials and economic forecasters discussed the fiscal landscape at the annual February revenue estimating conference but Treasurer

Municipals were little changed throughout most of the curve in secondary trading Wednesday as the primary took focus with the sale of $1.2 billion of general obligation bonds from New York City in two deals. U.S. Treasuries were weaker and equities rallied. The two-year muni-UST ratio was at 59%, the three-year at 59%, the five-year

The Municipal Securities Rulemaking Board has filed proposed amendments with the Securities and Exchange Commission aimed at shortening the settlement cycle to one business day for broker-dealer transactions. The proposed amendments to Rule G-12 on uniform practices and G-15 on confirmation, clearance and settlement practices are being advanced in an effort to bring the rules